ModusLink Global Solutions Inc (NASDAQ: MLNK) Investor Securities Class Action Lawsuit 06/12/2012

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Company Name(s): 
ModusLink Global Solutions
Case Name: 
ModusLink Global Solutions Shareholder Class Action Lawsuit 06/12/2012
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: MLNK
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/12/2012
Class Period Begin: 
09/26/2007
Class Period End: 
06/08/2012
Court of Filing: 
U.S. District Court for the District of Massachusetts
Deadline To File for Lead: 
08/13/2012
Date Settled: 
11/24/2014
Settlement Amount: 
$4,000,000
Deadline to Participate in Settlement: 
03/09/2015
Summary: 

March 13, 2015 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

March 11, 2015 - The court held a final settlement hearing.

November 24, 2014 - The court preliminarily approved the settlement.

October 23, 2014 - Parties filed a stipulation of settlement.

March 26, 2014 - The court denied the defendants' motion to dismiss.

September 30, 2013 - The defendants filed a motion to dismiss.

October 23, 2014 - Parties filed a stipulation of settlement.

February 11, 2013 - The lead plaintiffs filed an amended consolidated complaint.

November 16, 2012 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

August 13, 2012 - Lead plaintiff motions were filed.

June 12, 2012 - An investor in shares of ModusLink Global Solutions Inc (NASDAQ: MLNK) filed a lawsuit in the U.S. District Court for the District of Massachusetts against ModusLink Global Solutions Inc over alleged Violations of Federal Securities Laws Laws in connection with certain allegedly false and misleading statements made between September 26, 2007 through June 8, 2012.

According to the complaint the plaintiff alleges on behalf of investors who purchased or otherwise acquired ModusLink Global Solutions Inc (NASDAQ: MLNK) common stock during the period from September 26, 2007 through June 8, 2012, ModusLink Global Solutions Inc and certain of its executive officers violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements regarding the Company's business and prospects.

ModusLink Global Solutions Inc reported that its Total Revenue fell from $1 billion for the 12 months period ending on July 31, 2009 to $876.47 million for the 12 months period ending on July 31, 2011. However, it also reported that over the same time periods its Net Loss decreased from $193.45 million to $49.02 million.

Shares of ModusLink Global Solutions Inc (NASDAQ: MLNK) rose from as low as $1.75 per share in March 2009 to over $11 per share in March 2010.

For the most part of 2011 ModusLink Global Solutions Inc (NASDAQ: MLNK) shares traded between $4 and $6 per share.

Then on June 11, 2012, ModusLink Global Solutions Inc announced that it will delay the filing of the Third Quarter FY 2012 results and that it expects to restate its financial results from FY 2007 through first two quarters of the FY 2012. Furthermore, ModusLink Global Solutions Inc said that its President and CEO retired effective immediately upon the appointment of a new chief executive officer and its president, global operations for ModusLink left the company effective immediately.

Shares of ModusLink Global Solutions Inc (NASDAQ: MLNK) dropped from $4.27 on Friday June 8, 2012 to $2.64 on Monday, June 11, 2012.

On June 13, 2012, ModusLink Global Solutions Inc (NASDAQ: MLNK) shares closed at $2.88 per share.